Cenntro Electric to Establish Subsidiary Cennatic for Advanced Lithium-Ion Battery Production in North America
August 08 2022 - 8:31AM
Business Wire
U.S. Based Subsidiary will Secure Supply for
Electric Commercial Vehicles
Cenntro Electric Group Limited (NASDAQ: CENN), a leading EV
technology company with advanced, market-validated electric
commercial vehicles, today announced the establishment of a
separate operating division and wholly owned U.S. subsidiary,
Cennatic Power Inc. (“Cennatic”) to manufacture advanced
lithium-ion batteries to be used for its electric commercial
vehicles.
The Company has signed a lease for a 10,436 square meter
(111,363 square foot) purpose-built manufacturing facility at Aero
Industrial Park in Monterrey, Mexico where Cennatic will
manufacture advanced lithium-ion batteries. Construction of the
building is complete and Cennatic expects to complete the
production line installation by the end of 2022 and begin trial
production in the first half of 2023.
The facility will produce lithium-ion batteries with advanced
features including greater temperature tolerance, faster charging
time, safer operating parameters, longer life cycles and cost
efficiencies.
“We believe bringing the production of essential battery
technologies and manufacturing process in-house will accelerate the
development of our electric commercial vehicles and reduce our
supply chain dependency from China,” said Peter Wang, Chairman and
CEO of Cenntro Electric Group. “We believe it is crucial for an EV
company to control its battery supply.”
“The new facility’s strategic location in Mexico will enable
competitive production and complements our strategy to open new
assembly plants that are in customers’ markets to build our
capacity. We have worked diligently to develop our own battery
technology. We are confident our in-house production and technology
will support and improve our vehicles, allow for significant
operational enhancement and reduce cost in battery cell
production,” concluded Wang.
About Cenntro Electric Group
Cenntro Electric Group Ltd. (or "Cenntro") (NASDAQ: CENN) is a
leading designer and manufacturer of electric light and medium-duty
commercial vehicles. Cenntro’s purpose-built ECVs are designed to
serve a variety of organizations in support of city services,
last-mile delivery, and other commercial applications. Cenntro
plans to lead the transformation in the automotive industry through
scalable, decentralized production, and smart driving solutions
empowered by the Cenntro iChassis. As of December 31, 2021, Cenntro
has sold or put into service more than 3,700 vehicles in over 25
countries across North America, Europe, and Asia. For more
information, please visit Cenntro’s website at:
www.cenntroauto.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts.
Such statements may be, but need not be, identified by words such
as "may,'' "believe,'' "anticipate,'' "could,'' "should,''
"intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,''
"expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'',
"positioned,'' "approximately,'' "potential,'' "goal,''
"strategy,'' "outlook'' and similar expressions. Examples of
forward-looking statements include, among other things, statements
regarding assembly and distribution capabilities, decentralized
production, and fully digitalized autonomous driving solutions. All
such forward-looking statements are based on management's current
beliefs, expectations and assumptions, and are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from the results expressed or implied in this
communication. For additional risks and uncertainties that could
impact Cenntro’s forward-looking statements, please see disclosures
contained in Cenntro's public filings with the SEC, including the
"Risk Factors" in Cenntro's Annual Report on Form 20-F filed with
the Securities and Exchange Commission on April 25, 2022 and which
may be viewed at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20220808005219/en/
Investor Relations Contact:
Chris Tyson MZ North America CENN@mzgroup.us 949-491-8235
Company Contact:
PR@cenntroauto.com IR@cenntroauto.com
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